BULL MARKET

Markets are set to open higher on the heels of the perceived good news from YHOO SUNW CTXS JBLU GLW etc.

Futures are up 20 on the DJIA, 2.25 on SPX and 10 on the tech heavy NDX. Is it the NAZ's turn to outperform for a few hours/days?

The chart above depicts the recent price action in the DJIA and if the markets open as anticipated, the index will be about 40 points below its all time high and about 500 points above the recent November lows near 12,075. The Monday lows will also be about 100 points in the rear view mirror based on the futures quote, so my guess is new highs again before too long for the one important reason that demand outstrips supply for equities. I believe anyone who sits in front of the screens all day everyday notices the same and probably should not try to outhink it. Dips are to be bought until the trading gods prove otherwise.


In the news, B of A reaffirming buys on refiners VLO and SUN; gapping lower are AMD DSX QLGC SAP STLD CAL ALU ATI STM AUY and NVLS; EMC downgraded at RBC; MER raises the target on MO to $98 from $92.